Corporate Tax Return Filing Services
Navigating tax requirements in any jurisdiction involves adherence to specific administrative processes, including the completion of tax return forms. These forms serve to consolidate all tax-related information for individuals or entities over a defined tax period.
Corporate tax return filing has become a critical compliance requirement with the introduction of corporate tax in the UAE. Businesses registered for corporate tax in the UAE are obligated to file their corporate tax returns with the Federal Tax Authority (FTA).
What is a Corporate Tax Return Submission Service?
Corporate tax return submission involves preparing and filing a company’s tax returns in compliance with UAE tax regulations. As per the Corporate Tax Law implemented in the UAE, all taxable businesses are required to report their income and pay taxes on their profits. This service ensures that businesses submit accurate and timely tax returns, helping them comply with the UAE’s evolving tax laws and avoid penalties for non-compliance.
Who Requires Such a Service?
All UAE-based companies meeting the taxable threshold under the UAE Corporate Tax Law must submit annual corporate tax returns. This requirement includes Free Zone companies (if not exempt), mainland companies, and multinational corporations operating in the UAE. Even companies benefiting from the UAE’s Free Zones may need to file tax returns, depending on their activities. All businesses must understand their specific tax obligations under the UAE regime.
Individuals (i.e. sole proprietors and establishments) carrying on business and business activities that have total income in excess of AED 1 m in a calendar year are required to submit tax returns.
In addition, under certain conditions, non-resident juridical persons are also required to register and submit tax returns.
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Corporate Tax Return Filing Regulations in the UAE
The Federal Decree-Law No. 47 of 2022, governing the taxation of corporations and businesses, defines a tax return as the “Information filed with the Authority for Corporate Tax purposes in the form and manner as prescribed by the Authority, including any schedule or attachment to it, and any amendment thereof.”
According to Article 53 of this law, taxpayers are required to submit corporate tax returns within nine months following the end of the relevant tax period or as directed by the FTA. The corporate tax return must be submitted online and should be accompanied by supporting information, documents, and records. For tax groups, the parent company is responsible for filing the corporate tax returns on behalf of the group.
Our Corporate Tax Return Filing Services
Beaufort Associates is a leading firm specialising in tax compliance services in the UAE. With years of experience in accounting and advisory services for succession planning, corporate group structuring and business consultation, and transfer pricing services, our services include assisting clients in filing corporate tax returns and ensuring full compliance with UAE corporate tax laws.
Our corporate tax experts at Beaufort Associates are dedicated to assisting businesses in preparing necessary documents and accurately completing the tax return form. We ensure that taxable income is calculated accurately, incorporating adjustments to accounting profit or loss as required by the relevant corporate tax law provisions and claiming tax relief where available.
Our services include year-round corporate tax and accounting services, aligning your accounts with corporate tax regulations. This proactive approach facilitates the smooth and timely filing of corporate tax returns.
The steps involved in Corporate Tax Return Filing include the following:
- Assessing Tax Residency and Obligations: Determining whether your business is subject to UAE Corporate Tax based on its legal status, residency, and revenue threshold.
- Collecting Financial Data: Gathering all financial information, such as income statements, balance sheets, and other necessary documentation.
- Tax Calculation: Applying relevant tax rates, exemptions, and deductions based on UAE tax laws to calculate your company’s tax liability.
- Filing the Return: Submitting the completed corporate tax return to the Federal Tax Authority (FTA) before the deadline.
- Post-Submission Compliance: Providing follow-up support and responding to any FTA inquiries or audit requirements.
Benefits of using Beaufort Associate providing such services
At Beaufort Associate, we specialise in helping UAE businesses comply with the Corporate Tax Law. Our team of tax professionals:
- Provides comprehensive advice on tax residency and corporate tax obligations in the UAE.
- Works closely with clients to gather the necessary financial data and ensure that all applicable exemptions and deductions are accounted for.
- Stays up to date on the latest UAE tax regulations, ensuring that your business is fully compliant.
- Submits corporate tax returns on your behalf to the FTA and assists with any follow-up queries or audits.
- Offers tailored tax planning services to help you optimise your tax position.
We provide seamless, end-to-end support, ensuring your tax return is prepared and submitted accurately and on time.
Are you ready to partner with expert corporate tax consultants to manage your corporate tax return filing in the UAE?
Administrative Requirements for Corporate Tax Filing in the UAE
- Registration: All Taxable Persons, including Free Zone entities, must register for corporate tax and obtain a corporate tax registration number.
- Filing Requirements: Each Taxable Person must file a corporate tax return for each tax period within nine months of the end of the applicable period. Generally, the full amount of corporate tax is due by the same deadline as the return filing.
- Exemptions: The Federal Tax Authority may require certain Exempt Persons to register and file returns for corporate tax purposes.
To understand more about the administrative requirements and to ensure compliance, consult with Beaufort Associates’ corporate tax consultants in Dubai.
Taxable Income Calculation Under UAE Corporate Tax Law
The taxable income for corporate tax purposes is determined based on the accounting net profit or loss as reflected in the financial statements, following IFRS standards and adjusting for specific add-backs and deductions as provided in corporate tax laws to arrive at taxable income. To facilitate tax compliance and minimise costs, especially for start-ups and SMEs, the UAE corporate tax law allows for the use of alternative financial reporting standards. Engaging top corporate tax advisors in the UAE is recommended to ensure accurate taxable income calculations.
Choose Beaufort Associates as Your Trusted Corporate Tax Consultant in Dubai
With the introduction of corporate tax in the UAE, businesses need to be well-prepared to navigate the evolving regulatory landscape. Beaufort Associates offers expert tax advisory and assessment services to ensure full compliance with UAE corporate tax regulations.
Our team of experienced tax consultants and accounting professionals in Dubai is dedicated to helping businesses meet their corporate tax obligations efficiently. Our team is focused on providing a service that meets and exceeds client expectations by bringing to bear the following:
- Local Expertise: Our in-depth understanding of UAE tax laws and practices ensures compliance with the latest regulations.
- Proactive Tax Planning: We file your tax returns and provide ongoing advice to help minimise tax liabilities.
- Tailored Solutions: Every business is unique, and we offer customised tax services that cater to your company’s specific needs.
- Trusted Advisors: With extensive experience serving businesses across the UAE, we build long-term relationships based on trust and reliability.
- Regulatory Compliance: We ensure that your business remains compliant with all UAE tax requirements, avoiding penalties and legal complications.
We have a proven track record of assisting numerous businesses with tax compliance. Contact Beaufort Associates, your leading corporate tax consultant in the UAE, to learn more about our services and how we can assist you with corporate tax return filing.
Corporate Tax Return Filing FAQs
The UAE corporate tax rate is 0% for the initial AED 375,000 of taxable profit and 9% on taxable profit in excess of AED 375,000. Businesses that are below the AED 3,000,000 revenue threshold are not taxable for a limited period. Furthermore, certain Free Zone companies may still be exempt subject to their activities and other conditions as laid out in the relevant regulations.
All UAE-based companies, including Free Zone companies, mainland businesses, and multinational corporations with operations in the UAE, are required to submit corporate tax returns if they meet the taxable threshold.
Late or inaccurate submissions can result in fines and penalties imposed by the Federal Tax Authority (FTA). Submitting accurate corporate tax returns on time is crucial to avoid any potential issues.
These exports can be zero-rated for VAT if certain conditions are met. For services, the recipient must reside outside the implementing state, and the service must not be linked to real estate or movable personal assets in the UAE at the time of service performance.